Port Said Container and Cargo Handling plans to offer 15% stake on EGX in 2023

Fatma Salah
3 Min Read

Port Said Container and Cargo Handling — the operator of the West Port Said Container Terminal — is preparing to offer part of its shares on the Egyptian Exchange (EGX) in 2023.

Informed sources told Daily News Egypt that the company plans to offer about 15% of its shares on the EGX in the first half (1H) of next year.

The sources added that CI Capital will act as the financial adviser for the offering, while FinBi Financial Consulting will conduct the fair value study.

The sources indicated that the offering aims to finance the expansions that the company plans to make in West Port Said Port.

The Listing Committee of the EGX has temporarily registered the shares of the Company with a capital of EGP 164.1m distributed over 32.8 million shares with a nominal value of EGP 5 per share.

The company’s shares will be listed on the stock exchange’s database as of Wednesday after completing the period for publishing the listing application — which is five working days — in implementation of Clause (2) of Article (6) of the executive procedures for the rules for listing and continuing the listing and delisting of securities.

This is provided that the company is part of the transportation and freight services sector and has the ticker stock symbol, which is POCO.CA.

Chairperson of the EGX Ramy El-Dokany said that the EGX has registered a government company in preparation for the offering and is about to receive about five new companies soon.

Port Said Container and Cargo Handling recently put forward a number of tenders within the framework of development plans and rehabilitation of the revenue and customer service building in the dry port in the 10th of Ramadan City.

The area of ​​the dry port is estimated at about 80,000 sqm, its container handling capacity reaches 6,000 TEUs/general cargo, and the common warehouse area is about 2,000 sqm.

The company built the port in 1996 as part of plans to develop multiple means of transport.

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